We (buyers) get excited thinking about pricing returning to sane levels. Most of us feel sane levels are prices from around 2000 give or take a year or two. So how about a return to 1989 prices? Insane you say. Well let me submit 16505 Vista Conejo Dr. MoVal, it's a nice looking little 5 bedroom home down in Moreno Valley ranch. This home sold in 1989 for $206k. It's currently listed for $180K! $26K less than it sold for 19 years ago.
I realize that 1989 was during the last real estate bubble and that this house fell 35% in value through 1995 when it sold for $135K. But it's still fun to say "prices back to 1989 levels!" By the way, this house looks like a good deal at this price (Assuming this listing is legit)